Business Insurance Policies for Individuals: Why You Need One & What They Cover

Approximately 42 million Americans are classified as independent contractors, freelancers or self-employed. That’s around one in three. By 2020, estimates are that at least half of the population could be working for themselves. There are many reasons why people have turned to this work model, including flexibility and healthcare portability. However, many self-employed individuals are so caught up in the excitement of starting their business and the day-to-day tasks of running it, that they fail to implement the proper safety controls. One of these controls is business insurance.

Who Needs Business Insurance?

It isn’t just store owners and those with large inventories and employees who need business insurance. So do freelance writers, photographers, web designers and even repair professionals like a handyman. Each of these individuals has unique situations and liabilities that they encounter on a daily basis. For example, writers can be sued by someone they wrote about, photographers can be sued for defamation of character and web designers can be sued for any number of issues that occur with a site that they design. Even handymen need business insurance to protect against any damage that they accidently cause in a client’s home. In addition to liability insurance, each of these individuals also needs a policy to protect their expensive tools, cameras, servers, computers and printers.

Types of Coverage

While business insurance is highly customizable, there are several components that are appropriate for most people.

• Liability Insurance: This coverage protects you against lawsuits and medical claims that are filed against you by third parties. This can include someone falling on your property, as well as harm that you do to their business or property. This category has other riders such as Errors and Omissions Insurance which covers any non-physical harm you do to others as a result of your work. In addition, you can obtain an automobile insurance rider to protect the vehicles that you use for your business.

• Property Insurance: This coverage reimburses you for damage or theft of equipment that you use in your day-to-day business activities, as well as damage to your business space. Other riders cover things like business interruption, which pays you money if a disaster, fire or other occurrence prevents you from doing business.

The flexibility of business insurance makes finding a solution easy, no matter what your income level. By ensuring that you have the proper coverage, you can focus on growing your business without worry.

We’ll help you find the right coverage. Call Ten Eyck at (518) 464-0059 for more information on Albany business insurance.